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Negative Rates, Monetary Policy Transmission and Cross-border Lending Via International Financial Centres

Desislava Č AndreevaAndra ComanMary EverettMaren FroemelKelvin HoSimon LloydBaptiste MeunierJustine PedronoDennis ReinhardtAndrew WongEric WongDawid Żochowski

出版	European Central Bank, 2023
ISBN	92899551719789289955171
URL	http://books.google.com.hk/books?id=jUK2zwEACAAJ&hl=&source=gbs_api

註釋

We study the effects of negative interest rate policies (NIRP) on the transmission of monetary policy through cross-border lending. Using bank-level data from international financial centres - the United Kingdom, Hong Kong and Ireland - we examine how NIRP in the economies where banks have their headquarters influences cross-border lending from financial-centre affiliates. We find that NIRP impairs the bank-lending channel for cross-border lending to non-bank sectors, especially for those banks that have only a weak deposit base in IFCs - and are thus relatively more exposed to NIRP in their headquarters. Using euro-area data, including bank-level data from France, we find that NIRP does not influence overall cross-border lending from banks' headquarters' economies, but NIRP does impair lending to financial sectors based in IFCs. This impairment is stronger for banks with a large deposit base in headquarter economies exposed to NIRP.